Companies Overconfident in Cybersecurity Readiness

Adam Jacobson


August 2, 2021

Hands typing on a laptop keyboard with a shining lock over them.

In manufacturing trade organization MakeUK’s Cyber Security Survey 2021, 87% of UK manufacturing companies said they have “the necessary tools, processes and technology to prevent or protect against a security incident.” These companies report using antivirus software and firewalls (91%) and updates (90%) to maintain their cybersecurity. Additionally, 91% said they had adequate resources to assess their cyberrisk and 83% had “the resources and expertise to assist in recovering from a cybersecurity incident.”

Despite this confidence and level of perceived preparation, 47% said that they had experienced a cyberattack between May 2020 and May 2021. These attacks were costly, with 26% reporting losses of up to £50,000 ($68,000) and 6% losing more than £100,000 ($137,000) from a cyber incident. Further, almost half admitted they do not even have a formal plan or process to follow in the event of an attack.  Perhaps because of these realities, 52% said they had purchased cyber insurance, while 10% were considering purchasing more cyber coverage for potential losses.

Adam Jacobson is associate editor of Risk Management.